Key economic reforms announced by Libya’s central bank and Presidential Council

Key economic reforms announced by Libya’s central bank and Presidential Council (Photo: Social Media)

The Governor of the Central Bank of Libya (CB) in Tripoli Al-Sidiq Al-Kabir said that officials in the Government of National Accord’s Presidential Council had reached agreement on enacting key economic reforms, including to fuel subsidies and the exchange rates, by the end of July 2018.

This new agreement on economic reforms came in a press conference following the 8th meeting for Libyan Economic Dialogue held in Tunisia’s capital on Tuesday.

The meeting was attended by Presidential Council members Ahmed Mitieg and Fathi Al-Mejibri as well as Al-Kabir and the US Chargé d’affaires Stephanie Williams, who voiced the US full support for the new reforms that could give Libyans decent services and stable living conditions.

The meeting said reforms will see a raise in the dollars given to Libyan families at bank rates (currently 500$ per person bought at bank rates given once a year) and reactivation of the family grant which is 100 dinars per person (a grant that is not bought by money.)

Libyans have been for over three years suffering from inflation and high prices with the devaluation of the dinar and the lack of cash at the banks, despite the fact that oil revenues in the last two years have been quite profitable for the country.

 

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